The Nigerian economy has been plagued with several challenges over the years. Researchers have identified some of these challenges as: gross mismanagement/ misappropriation of public funds, (Okemini and Uranta, 2008), corruption and ineffective economic policies (Gbosi, 2007); lack of integration of macroeconomic plans and the absence of harmonization and coordination of fiscal policies (Onoh, 2007); inappropriate and ineffective policies (Anyanwu, 2007). Imprudent public spending and weak sectoral linkages and other socioeconomic maladies constitute the bane of rapid economic growth and development (Amadi et al., 2006). It is evident that one of Nigeria’s greatest problems today is the inability to efficiently manage her enormous human and material endowment. In spite of many, and frequently changing, fiscal, monetary and other macro-economic policies, Nigeria has not been able to harness her economic potentials for rapid economic development (Ogbole, 2010). These policies span through two broad periods, which can be classified as “regulation” and “deregulation”. Our main focus is the differential in fiscal policy effectiveness in promoting economic growth in the two broad periods. Our main predictor/explanatory variable is fiscal policy. We use Federal Government spending as proxy for fiscal policy. Based on the foregoing, we hypothesize that the effectiveness (or impact) of fiscal policy on economic growth is not different between the two periods under investigation. Our time frame is 37 years (from 1970 to 2006). The period of regulation is considered to be between 1970 and 1985, while that of deregulation is from 1986 to 2006.

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